Focus Financial Partners LLC, a New York City-based aggregator of independent financial advisor firms, today said that two of its firms intend to join forces.
Buckingham Asset Management and Founders Financial Network have entered into an agreement for Founders to merge into Buckingham. Both firms are long-standing members of the Focus Financial network-Founders was an original member of Focus Financial when the latter launched in January 2006, while Buckingham joined the network in February 2007.
Based in St. Louis, Buckingham Asset Management, along with BAM Advisor Services, comprise the Buckingham Family of Financial Services. Its deal for Founders is its sixth transaction during the past two years, and it expands its existing presence in California resulting from a past merger. Founders has Bay Area offices in Cupertino, Burlingame, Palo Alto and San Francisco.
The combined companies will have almost $17 billion in assets under management or administration. Deal terms weren't disclosed.
Founders' managing principal, Bob Kresek, will join Buckingham's executive management team. He and other Founders partners will remain in California.
Focus Financial's nearly two dozen partner and affiliate advisory firms combined have more than $51 billion in assets.